A magnetic memory element including first and second magnetic free layers having a variable magnetization direction substantially perpendicular to layer planes thereof; a first perpendicular enhancement layer (PEL) interposed between the first and second magnetic free layers; first and second magnetic reference layers having a first invariable magnetization direction substantially perpendicular to layer planes thereof; a second PEL interposed between the first and second magnetic reference layers; an insulating tunnel junction layer formed between the first magnetic free layer and reference layer; an anti-ferromagnetic coupling layer formed adjacent to the second magnetic reference layer; a magnetic fixed layer formed adjacent to the anti-ferromagnetic coupling layer and having a second invariable magnetization direction substantially opposite to the first invariable magnetization direction; a non-magnetic layer comprising oxygen and a transition metal and formed adjacent to the second magnetic free layer; and a magnesium oxide layer formed adjacent to the non-magnetic layer.